New Delhi: Dominated by local brands such as Shore and Boat, India’s smartwatch market saw its highest ever shipments in the third quarter of 2021, with a record QoQ growth of 159 per cent, said a new report on Wednesday. According to Counterpoint Research’s latest report, the top three brands accounted for nearly two-thirds of the total smartwatch market; This growth is attributed to promotions and new launches across various platforms, which contributed to around 28 per cent of the total market in terms of shipments.
The top three household brands included Shore, Boat, and Fire-Bolt. Shore grew at 231 per cent year-on-year and 141 per cent QoQ, thus, capturing 25 per cent of the overall market. Boat grew 132 per cent QoQ with 24 per cent market share. Its Boat Storm was the best-selling model in the market and alone accounted for 17 percent of the overall smartwatch market. Fire-Bolt had a tremendous quarter with 394 percent QoQ growth. It was the fastest growing smartwatch company in the quarter.
Non-domestic brand Realme made a comeback with its refreshed Watch 2 lineup. The brand registered 267 per cent QoQ growth in the quarter, thus, occupying the fourth position in the market with 7 per cent share. The Watch 2 series contributed to more than 70 percent of Realme’s shipments in the quarter.
“Q3 is important for smartwatch players as this is the time when they see the most growth. To meet the anticipated surge in demand during the festive sale, brands increase shipments across the channel. Moreover, they come with multiple launches and big discount plans throughout the quarter. The market remained competitive in the third quarter of 2021, with Shore and Boat together occupying nearly 50 percent of it. Fire-bolt, Apple and Realme emerged as the fastest growing brands during the quarter,” Anshika Jain, Senior Research Analyst, Counterpoint Research, said in a statement.
In terms of year-on-year growth, Amazfit grew 54 percent QoQ and more than four times. It is the top of the market in Rs. 5,000-Rs. 10,000 price segment. Amazfit hosted its Brand Day sales in September and introduced the premium Zepp Z model in the Indian market. The GTS 2 Mini was its most popular model during the quarter. Samsung grew 153 percent QoQ and 40 percent YoY in Q3. It introduced the Galaxy Watch 4 series with Wear OS in the quarter.
Apple had a great quarter with 289 percent QoQ growth. Its major contribution has come from the SE series launched last year. Series 3’s contribution was also high. It led the market in Rs. 20,000 and above price bands.
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